FxWirePro: Gold Dips Below Lower Range, Bearish Bias Increases
- Gold prices declined on Monday as dollar strengthened across the board as the greenback held onto gains after mixed non-farm payrolls data last Friday.
- Gold prices took a dive from 1287 levels to hit low at 1262 before recovering towards 1266 levels.
- The commodity is poised to breach the support level located at 1255 and decline further towards lower levels as yellow metal weaker against US dollar.
- To the upside, the strong resistance can be seen 1282, a break above this level would expose the commodity towards 1295 levels.
- To the downside immediate support can be seen at 1262, a break below at this level will open the door towards 1255 levels. Support levels: S1-1262, S2-1255, S3-1243 Resistance levels: R1-1272, R2-1282, R3-1295